Nine Dragons offers to buy back bonds at par

The paper manufacturer uses its cash resources to launch a second tender for its outstanding bonds, while cash-strapped Powerchip is forced to pay its CB investors partly in shares.

Hong Kong-listed Nine Dragons Paper is making a second attempt to get rid of its senior bonds which have become more expensive for the company following a ratings downgrade by Standard Poor's in December last year. The Chinese paper board manufacturer yesterday launched a tender offer through Deutsche Bank for the entire $118.6 million that remains outstanding of its 7.875% bonds due 2013, offering to pay the principal back in full to bondholders who tender before the early deadline on...

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